OFFER OF TWENTY SHARES FOR EVERY NINE SHARES HELD TO GKP SHAREHOLDERS

SHAREHOLDERS SHOULD SIGN TO PROTEST AGAINST THE BOARD DECISION TO DILUTE THEIR SHAREHOLDING BASED ON THE CURRENT OFFER OF TWENTY SHARES FOR EVERY NINE SHARES HELD AND MAKE A COUNTER PROPOSAL OF OFFERING LOYAL SHAREHOLDERS A FAIRER AND MORE EQUITABLE PERCENTAGE IN THE NEWLY RESTRUCTURED COMPANY.


Dear GKP Board,



We are highly disappointed with the current share offer that is being made to shareholders as it highly dilutes the value of our investment. This is totally unfair as we were promised that our interest would be taken on board on any decision taken by the Board of Directors. We have not been consulted on the decision taken by the Board on the offer being made to Note holders and Bond holders as the percentage share of the new company offered to them highly dilutes our shareholdings. We also do not agree with the decision taken by the Board of GKP to default on the payment of the interest on the notes & bonds without shareholders consent.



The present re-structuring deal is very poor for loyal shareholders and favours Notes holders far too well given they were being paid 13% interest per annum on their loans whilst shareholders risked their entire capital to support GKP for returns in the longer term. Shareholders ought to be able to take a more equitable percentage share of GKP post re-structuring and not be capped at 14.5% bearing in mind the present shares in issue are being converted to just 5% of the company post re-structuring and shareholders have to pay even more money to get to the 14.5% allowed. Shareholders investments would be decimated post re-structure being in mind that GKP has incurred significant sunk costs recoverable in future production apart from prospective sales and other areas of field development.



The Board of GKP are hereby requested to cancel the SGM , make a new post re-structure proposal to be approved by current shareholders that shall guarantee a fairer and more equitable percentage shareholding in the company through a more equitable solution.



A more equitable solution would include:



1.0   Part roll-over of the debt against minimal issue of equity



2.0   Rights issue to existing shareholders to help re-capitalise and provide for additional investment (offer of a minimum of “x” shares for every “y” shares held)



3.0   Cheaper long term loan to repay some or all of the debts coming to maturity



4.0   Appointment of a financial specialist on contract to re-structure the statement of financial position



5.0   Appointment of a shareholder representative on Board as a non-executive board member



6.0   Actively market the sale of GKP with a new re-structured financial statement



7.0   Recover debts from KRG through all means and remedies under the contract.



Thank you



GKP petitioners



 


Update #55 years ago


http://www.thepetitionsite.com/en-gb/175/342/281/pledge-for-funds-to-appoint-a-legal-representative/#updated
Update #45 years ago


http://www.thepetitionsite.com/en-gb/175/342/281/pledge-for-funds-to-appoint-a-legal-representative/#updated
Update #35 years ago


http://www.thepetitionsite.com/en-gb/175/342/281/pledge-for-funds-to-appoint-a-legal-representative/#updated
Update #25 years ago


http://www.thepetitionsite.com/en-gb/175/342/281/pledge-for-funds-to-appoint-a-legal-representative/#updated
Update #15 years ago
http://www.thepetitionsite.com/en-gb/175/342/281/pledge-for-funds-to-appoint-a-legal-representative/

Dear petitioner ,
Many thanks for your support . We are running the second petition to see if we have the means to appoint an experienced barrister/solicitor to provide us legal advice on where we stand . Appreciate if you can state the amount that you are pledging.

Thanks
Sign Petition
Sign Petition
You have JavaScript disabled. Without it, our site might not function properly.

Privacy Policy

By signing, you accept Care2's Terms of Service.
You can unsub at any time here.

Having problems signing this? Let us know.